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ACWA Power among bidders of 1,200 MW Saudi renewable energy projects 

'SGI signals a new era for mankind': How the Saudi Green Initiative Forum could change the world Since the early part of the last century, the image and fortunes of Saudi Arabia have been inextricably linked to a single element. The discovery and exploitation of oil transformed life in the KSA and positioned the country…

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What is the future of food? Dubai forum talks answers

'SGI signals a new era for mankind': How the Saudi Green Initiative Forum could change the world Since the early part of the last century, the image and fortunes of Saudi Arabia have been inextricably linked to a single element. The discovery and exploitation of oil transformed life in the KSA and positioned the country…

Business

Saudi holdings of US treasury bills fell to lowest in 14 months

'SGI signals a new era for mankind': How the Saudi Green Initiative Forum could change the world Since the early part of the last century, the image and fortunes of Saudi Arabia have been inextricably linked to a single element. The discovery and exploitation of oil transformed life in the KSA and positioned the country…

Business

Saudi Central Bank launches consultation on insurance fintech rules

DETROIT: Toyota plans to build a new $1.29 billion factory in the US to manufacture batteries for gas-electric hybrid and fully electric vehicles. The plant location was not announced, but the company said it eventually will employ 1,750 people and start making batteries in 2025, gradually expanding through 2031. The plant is part of $3.4…

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Toyota to build $1.29bn battery plant for hybrids, EVs in US

Saudi fast-food franchise operator Alamar Foods considers IPO, sources sayDUBAI, Oct 18 (Reuters) - Saudi Arabia's Alamar Foods, the regional franchise operator for Domino's Pizza, is considering an initial public offering (IPO) that would allow The Carlyle Group sell some of its stake, three sources familiar with the matter said.Alamar Foods has hired HSBC to arrange…

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Crown Prince transfers military land ownership in Asir to government

Saudi fast-food franchise operator Alamar Foods considers IPO, sources sayDUBAI, Oct 18 (Reuters) - Saudi Arabia's Alamar Foods, the regional franchise operator for Domino's Pizza, is considering an initial public offering (IPO) that would allow The Carlyle Group sell some of its stake, three sources familiar with the matter said.Alamar Foods has hired HSBC to arrange…

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China to keep up scrutiny of internet sector

Euro zone’s trade surplus narrows; supply bottlenecks prompt different policies in different countries: Economic wrap   The trade surplus of the Euro area steeply shrank to EUR4.8 billion in August, compared to EUR20.7 billion in the previous month. According to Eurostat data, this was mainly driven by a 26.6 percent surge in imports as energy…

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Tunisia in talks with Saudi Arabia, UAE for financial support

RIYADH: Saudi Arabia’s main market, Tadawul, traded 0.6 percent higher on Sunday morning, at 11,750 points. Here’s a wrap of market movements as of 10:30 a.m. Riyadh time: Aldrees net profit surges 50 percent to SR122.7 million for the first nine months of 2021.  Derayah-REIT goes ex dividend today.  Saudi Real Estate Co.’s subsidiary, Saudi Real Estate Infrastructure Co. (Binyah), signed…

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Saudi Commerce Ministry issues 31 licenses for steel, cement export

Bitcoin topped $60,000 for the first time in six months on Friday, nearing its all-time high, as hopes grew that U.S. regulators would allow a futures-based exchange-traded fund (ETF), a move likely to open the path to wider investment in digital assets. Cryptocurrency investors have been waiting for approval of the first U.S. ETF for…

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Bitcoin trades near record after topping $60,000 for first time in 6 months

RIYADH: Saudi non-oil exports jumped 37 percent to a record SR125.3 billion ($33.4 billion) in the first half of 2021, SPA reported.Non-oil exports were SR91.7 billion in the first half of 2020.They increase by 8 percent in quantity, equivalent to 34.7 million tons, suggesting a rebound in prices as volumes returned to normal.Global trade collapsed…

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After Alitalia’s demise, ITA airline launches with new look

Bitcoin topped $60,000 for the first time in six months on Friday, nearing its all-time high, as hopes grew that U.S. regulators would allow a futures-based exchange-traded fund (ETF), a move likely to open the path to wider investment in digital assets. Cryptocurrency investors have been waiting for approval of the first U.S. ETF for…

Business

Saudi Energy Ministry launches tender for dry gas network in Dammam

RIYADH: Russian President Vladimir Putin signaled tolerance of cryptocurrencies, but is still not convinced they can replace the US dollar in settling oil trades.“I believe that it has value,” he told CNBC in an interview at the Russian Energy Week event in Moscow Wednesday, the transcript of which was posted on the Kremlin’s website.“It is…

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Crypto has value but not for oil trading, says Russia’s Putin

SINGAPORE/NEW YORK: Major Chinese energy companies are in advanced talks with US exporters to secure long-term liquefied natural gas (LNG)supplies, as soaring gas prices and domestic power shortages heighten concerns about the country’s fuel security, several sources said.At least five Chinese firms, including state major Sinopec Corp. and China National Offshore Oil Company (CNOOC) and…

Business

Bitcoin hits $60,000 for first time in six months

SINGAPORE/NEW YORK: Major Chinese energy companies are in advanced talks with US exporters to secure long-term liquefied natural gas (LNG)supplies, as soaring gas prices and domestic power shortages heighten concerns about the country’s fuel security, several sources said.At least five Chinese firms, including state major Sinopec Corp. and China National Offshore Oil Company (CNOOC) and…

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Abu Dhabi fund Mubadala unit acquires a U.S. franchisee of Taco Bell

DUBAI: Egypt's family-owned Orascom is doubling down on its gold mining business in Egypt, as well as seeking more investments in Africa.  The prominent company’s investments in Egyptian gold mining reflects the positive development in the country’s regulation of the industry, Orascom chief Naguib Sawiris said in an interview with Al-Sharq. The new regulations, which makes…

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UAE’s non-oil exports jumps 44% in first half of 2021

China has tools to cope with economic challenges despite slowing growth: Premier Li China has ample tools to cope with economic challenges despite slowing growth, and the government is confident of achieving full-year development goals, Premier Li Keqiang said on Thursday. China's major economic indicators are within a reasonable range, said Li at the opening…

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Egypt to relaunch cotton marketing company under a new brand

The International Energy Agency is urging governments to make stronger commitments to cut greenhouse gas emissions at an upcoming U.N. climate summit. The IEA is warning the world is not on track to meet environmental goals and that new investment in clean energy was needed to “jolt the energy system onto a new set of…

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Egypt sees primary surplus of 1.5% of GDP in FY 2021-22

The International Energy Agency is urging governments to make stronger commitments to cut greenhouse gas emissions at an upcoming U.N. climate summit. The IEA is warning the world is not on track to meet environmental goals and that new investment in clean energy was needed to “jolt the energy system onto a new set of…

Business

Sudan to return to economic growth, forecasts finance minister

ACWA Power will use stock market cash to expand green hydrogen projects, says chairman  JEDDAH: ACWA Power will invest the capital raised from its stock market debut in renewable energy, water desalination, and green hydrogen projects, company chairman Mohammad Abunayyan has said The Riyadh-based firm, of which the Saudi sovereign fund (PIF) owns 44 percent,…

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